Barack and Michelle Obama had no more than $1.3 million in net worth when Barack entered the White House as the 44th President of the United States. However, it is interesting to note that rather reliable sources now estimate them to be worth around $40 million, which is a remarkable increase over the course of around a decade’s time.

Former President Barack Obama knows what it's like to make history at a Democratic National Convention, and soon, so will Sen. Kamala Harris (D-Calif.).Obama was set to give the final speech during night three of the Democratic National Convention on Wednesday, but instead, he asked organizers to switch things up and give his slot to Harris, a person familiar with the matter told The. A Pennsylvania electronic voting machine was taken out of service after being captured on video changing a vote for President Obama into one for Mitt Romney, NBC News has confirmed. Barack and Michelle Obama had no more than $1.3 million in net worth when Barack entered the White House as the 44th President of the United States. However, it is interesting to note that rather reliable sources now estimate them to be worth around $40 million, which is a remarkable increase over the course of around a decade’s time. Obama Slots - New. Looking for a new free slots game experience? Obama Slots has casino quality slot machines inspired by America’s Presidents (Obama, Bush, Clinton, etc.).

In short, Obama was born in Hawaii to a white mother and a black father, who met one another when they shared a class on the Russian language at the University of Hawaii at Manoa. Later on, he lived for a while in Indonesia because his mother married an Indonesian graduate student, which is why Obama was able to speak fluent Indonesian when he was still a child. Eventually, Obama went to live with his maternal grandparents in Honolulu for the sake of high school while his mother spent most of her time in Indonesia because of her fieldwork as an anthropologist.

How Did Barack Obama Reach His Current Net Worth?

After graduating from high school, Obama studied at Occidental College and then Columbia University before going on to study law at Harvard Law School. In time, he went on to teach constitutional law, participated in community organizing, got elected to the Illinois Senate, and then got elected to the U.S. Senate. By 2008, Obama was able to win out over Hilary Clinton in the Democratic Party presidential nominations before going on to beat John McCain in the U.S. presidential election, thus making history for a number of reasons.

Regardless, it is estimated that the Obamas earned a combined total of $20.5 million from 2005 to 2016. Some of this sum came from both of the Obamas’ salaries. However, the rest is believed to have come from book royalties, which saw a natural surge because of Obama’s status as the U.S. president, as well as the proceeds from the Obamas’ investments. Still, the fact that the Obamas are now believed to be worth $40 million should make it very clear that they have been very busy in the time since Obama’s last term came to a conclusion.

For example, both of the Obamas have signed book deals in recent times, which are believed to be worth at least $60 million. This is particularly notable because revenues from books have proven to be Obama’s single biggest source of revenue so far, meaning that these book deals promise to send he and his wife’s net worth soaring even higher. Besides this, it is important to note that the Obamas have signed a production deal with Netflix as well. Exact financial figures have not been released for the production deal, but if other production deals are any indication, it could be measured in the tens of millions. On top of this, it should come as no surprise to learn that Obama is in high-demand for speaking at a wide range of events, so much so that some sources believe that he might have earned as much as $400,000 in public speaking fees since his departure from the office of the President of the United States.

Summed up, the source of the Obamas’ current net worth isn’t exactly mysterious. Some of it has come from their salaries and some of it has come from what they have earned on their investments. However, much of it has come from Obama’s book deals, which have proven to be very lucrative. Something that is wholly unsurprising considering the interest in the perspective of U.S. presidents. On top of this, the Obamas’ recent deals make it very clear that their net worth is going to continue rising for the foreseeable future.

Final Thoughts

Currently, the Obamas are believed to have a net worth of $40 million. However, there are estimates that they will be able to make as much as $242 million over the course of their entire lifetime following the presidency. Due to this, while their net worth is $40 million for the time being, it seems safe to say that won’t remain true for a particularly long period of time. Something that is particularly likely because they seem to have been thinking long-term when it comes to their finances, which doesn’t exactly suggest that they are the kind of people prone to reckless spending.

Gallery

Former US president Barack Obama and his wife Michelle will deliver keynote speeches during next week's Democratic National Convention when Joe Biden will be confirmed as the party's White House challenger in the November election.

The Democratic Party announced Tuesday that Obama will give a primetime address next Wednesday, the convention's penultimate evening, while former first lady Michelle Obama will address the convention on Monday, opening night.

The schedule details were released amid mounting anticipation over who Biden will choose as his running mate.

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© Nicholas Kamm US Democratic presidential hopeful Joe Biden (right) hopes the support of former president Barack Obama, with whom he served in the White House for eight years, can help him defeat incumbent Donald Trump in the general election on November 3, 2020

The 77-year-old Democratic veteran is expected to reveal his vice presidential pick this week, and he has pledged to choose a woman.

Biden served for eight years as Obama's vice president and will formally accept the Democratic nomination on the four-day convention's final day, August 20.

'Joe Biden will speak about his vision for uniting America to move us forward out of constant chaos and crisis, and for delivering on that promise for all,' the party said in a statement.

Obama remains one of America's most popular politicians. He has campaigned virtually with Biden in recent months and has helped him raise millions of dollars in campaign cash.

The convention had been set for Milwaukee, in the battleground state of Wisconsin.

But the coronavirus pandemic has upended the plans of both parties, forcing them to convert the normally raucous in-person events into online affairs driven by video presentations and appearances.

The sudden shakeup has caused logistical challenges for both campaigns, but especially for Democrats who were hoping to use a boisterous, crowded live event as a launchpad for Biden's final sprint to the election on November 3.

Democrats have revealed what they hope will be an inspiring lineup of speakers, including standard-bearers of the progressive left like first-term congresswoman Alexandria Ocasio-Cortez.

Senator Bernie Sanders, a two-time presidential hopeful whose liberal policies like universal health care and free college have pushed Biden leftward, has been given a Monday speaking slot, along with New York Governor Andrew Cuomo.

- Primetime slot for Harris -

The speaker's list includes many everyday Americans like emergency responders, teachers and factory workers.

But it is also a who's who of the party's elite, including several senators who challenged Biden for the nomination: Elizabeth Warren, Amy Klobuchar, Cory Booker and Kamala Harris.

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Harris is widely considered a top potential running mate pick, and her slot on the convention schedule -- apparently the last speaker before the Bidens on the final night -- has fueled speculation about whether the 55-year-old black woman from California has earned the VP nod.

Three other women seen as potential vice presidential picks, Michigan Governor Meghan Whitmer, Senator Tammy Duckworth of Illinois and Warren of Massachusetts, are also on the schedule, while former national security advisor Susan Rice is not.

The Clintons -- 2016 nominee Hillary Clinton and her president husband Bill -- are set to speak too.

Also scheduled to address the Democrats is Ohio's former governor John Kasich, a Republican who has remained a steadfast opponent to President Donald Trump and will endorse Biden.

Trump had been adamant about delivering his own nomination acceptance speech at a crowded event in Jacksonville, Florida but he too has acknowledged he will have to deliver his remarks remotely.

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